Senate Committee to Meet on Wall Street Reform

Published May 14, 2012

| Reuters

The Senate Banking Committee plans to hold hearings in the coming weeks on Wall Street reform, during which members will likely press U.S. regulators about the trading losses announced last week by JPMorgan Chase & Co.

Committee Chairman Tim Johnson announced the hearing plans in a statement on Monday but did not provide specific dates or topics for the hearings.

Last week Republican Senator Bob Corker called for the committee to hold a hearing on JPMorgan's recent announcement that it has suffered at least $2 billion in trading losses.

Corker said lawmakers need to know whether taxpayers are fully protected from losses at major financial firms and whether the trades in question were bona fide hedges or poorly managed proprietary trades.

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